Project Lifecycles and Processes for Project Management
This is the life cycle of a project-the different steps through which the project moves from initiation to closure. While individual models do vary, the subsequent phases are generally acknowledged.
Phases of Project Life Cycle
1. Initiation
- The first phase of the project involves the identification of the project and its viability.
- Define the aims, scope, and stakeholders.
- Make high-level plans, including timelines and estimates for resources.
Example:
As an initiation process, market research, competitor analysis, and financial feasibility checks are conducted to introduce a new product. A project charter takes shape to define objectives, scope, and initial timelines.
2. Planning
- Detailed planning will include defining deliverables, milestones, and activities.
- An estimate of resources and budgets will be made.
- Risk mitigation strategies and communication plans will be developed.
Example:
Planning for construction projects will involve WBS development, sequencing activities, estimating resources, and producing a risk mitigation plan for delays or shortages of materials.
3. Execution
- A project activity performed per its plan.
- Assign resources, handle tasks, and perform work.
- Communicate progress and manage changes as necessary.
Example:
While a software development project happens, the team writes and tests code on specifications. Progress is tracked using project management tools while keeping issues addressed and alignment with objectives through regular meeting schedules.
4. Monitoring and Control
- As a course the progress at each stage against the plan and objectives.
- The use of performance metrics as well as key performance indicators (KPIs).
- The formal processes for managing quality control and changes.
Example:
Picking an event organization project, monitoring relates to attendance, budget utilization, and customer satisfaction among other things. Gathered feedback is analyzed and used to apply necessary adjustments. Change control guidelines are put in place for managing changes.
5. Closure
- Complete and deliverables allocation among stakeholders.
- Conduct evaluations to document lessons learned.
- Archive documents, close contracts and celebrate the efforts of the teamwork.
Example:
For a marketing campaign: Closure is evaluating how successful the campaign was, lessons learned, vendor contracts signed off at the end of it, and reports and material archived.
Project Management Processes
Five process groups are included in PMI’s Project Management Body of Knowledge (PMBOK), which contains the key processes in the field. These apply at all project stages toward system realization.
1. Entirely Dawn Processes
The phase identification and the approval of a phase are followed by defining a project or phase and getting that phase approved. Then it is a phase of identification of stakeholders and project charter creation.
Example:
Initiation may mean identifying the requirement for change in an organization restructuring project, obtaining executives’ sponsorship, and building a charter outlining the high-level strategies and purposes for the project.
2. Planning Processes
- Develop a comprehensive plan for scope, schedule, costs, quality, risks, resources, and procuring.
- Define requirements and develop WBS.
Example:
Planning for IT System Implementations Would include defining goals, making details of milestones estimating required resources, procure decisions upon what equipment and software provide value and needs to be sourced.
3. Execution Processes
- Undergo work as expressed in the Project plan.
- Coordinate resources, communicate with stakeholders, and uphold quality standards.
Example:
Executing procedures in a construction project will include managing site activities, coordinating subcontractors, applying quality standards, and checking for compliance with safety.
4. Monitoring and Controlling Processes
- Measure performance metric against the plan.
- Manage risks, monitor quality, and control changes through formal processes.
Example:
With respect to monitoring progress in infrastructure development projects: progress tracking, budget management, risk management, and control of scope variations will be pursued through a change request system.
5. Closing processes
Formulating completion and executing stakeholder approval for deliverables becomes important. A project’s evaluation, lesson documentation, and resource freeing is a closure activity.
For instance, closure in a product development project implies customer acceptance, project review to document learning, archiving of project documents, and reassignment of team members to other assignments.
